Philippines Economy

The Philippines is a country located in Southeast Asia with a population of about 109 million people. It has a developing economy that is ranked as the 35th-largest in the world.

The Philippine economy is a mixed economy, meaning it combines elements of a market economy with a planned economy. The government plays a significant role in the economy through state-owned enterprises and other forms of regulation, but there is also a significant private sector.

The main sectors of the Philippine economy include industry, agriculture, and services.
  • Industry: Industry is a major contributor to the Philippine economy, accounting for about 27% of the country's GDP. Major industries include manufacturing, construction, and mining. The Philippines is a major exporter of textiles, footwear, and other light industrial products.
  • Services: The service sector in the Philippines is growing and now accounts for about 73% of the country's GDP. This sector includes financial services, real estate, and tourism.
  • Agriculture: Agriculture is a significant sector of the Philippine economy, employing about 10% of the population. Major agricultural products include rice, vegetables, and fruit.
The Philippines has a large and growing consumer market and is a member of the Association of Southeast Asian Nations (ASEAN), a regional trade bloc. Despite its economic strengths, the country has faced economic challenges such as a high level of government debt and a lack of infrastructure. The government has implemented economic reforms and development plans to address these challenges and promote sustainable growth.

Free Monitor of Philippines Financial Markets & Economic trends

MacroVar monitors global financial markets and economies using advanced data analytics. Sign up Free to access MacroVar analysis and historical data.